四川川润股份有限公司 第七届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 四川川润股份有限公司（以下简称"公司"）第七届董事会第五次会议于 2026 年 2 月 3 日以现场结合通讯的方式在四川省成都市召开。本次会议通知于 2026 年 1 月 30 日以电话、邮件相结合的方式向全体董事发出。本次会议应参会董事 9 人，实际参会董事 9 人。公司部分高级管理人员列席会议。会议召集、召开符 合《中华人民共和国公司法》等法律、行政法规、规范性文件和《公司章程》的 有关规定。会议由罗永忠先生主持，以投票方式进行表决。 二、董事会会议审议情况 经审议形成如下决议： （一）以赞成：6 票，反对：0 票，弃权：0 票，回避 3 票，审议通过《关于 向控股子公司增资暨关联交易的议案》 随着智能运维业务市场需求的增加，为满足四川川润智能流体技术有限公司 （以下简称"川润智能"）业务发展需求，提高企业经营管理效率，公司拟向川润 智能实施增资扩股，川润智能其他股东放弃本次增资的优先认购权。本次增资完 成后，川润智能注册资本将由人 ...

一、对《关于向控股子公司增资暨关联交易的议案》的审查意见 本次对控股子公司四川川润智能流体技术有限公司增资是根据公司战略规 划和川润智能业务发展需要，结合公司投资布局作出的决策，符合公司经营发展 需要。本次关联交易价格合理，不存在损害公司和全体股东，特别是中小股东利 益的情形，我们一致同意本次增资事项并将本议案提交董事会审议。 四川川润股份有限公司 独立董事：赵明川、刘小进、罗萍 2026 年 2 月 3 日 四川川润股份有限公司 第七届董事会 2026 年第一次独立董事专门会议审查意见 根据《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》及《公 司章程》等相关规定，四川川润股份有限公司（以下简称"公司"）于 2026 年 2 月 3 日召开了第七届董事会 2026 年第一次独立董事专门会议，本次会议应出席 独立董事 3 人，实际出席独立董事 3 人。独立董事本着认真、负责、独立判断的 态度，核查了相关资料，经审慎分析，就公司第七届董事会第五次会议相关事项 发表审查意见如下： ...

Group 1 - The core viewpoint of the article highlights a decline in China's industrial boiler production, with a reported decrease of 12.8% year-on-year in December 2025, resulting in a total production of 18.8 million tons for the year, which is an 8.9% cumulative decline [1][2]. Group 2 - The listed companies in the industrial boiler sector include Huaguang Huaneng (600475), Chuanrun Co., Ltd. (002272), Hailu Heavy Industry (002255), Huaxi Energy (002630), and Dongfang Electric (600875) [1]. - The data source for the production statistics is the National Bureau of Statistics, and the analysis is provided by Zhiyan Consulting, a leading industry consulting firm in China [2].

Industry Overview - The boiler manufacturing industry in China has a limited number of publicly listed companies, with key players including Xizi Clean Energy, Huaguang Huaneng, Chuanrun Co., Hailu Heavy Industry, Huaxi Energy, and Dongfang Boiler [1][8] - The industry has a large upstream and downstream supply chain, with the midstream boiler manufacturing segment being the focus of the listed companies [1] Company Performance - The leading companies in the boiler manufacturing sector, such as Xizi Clean Energy, Huaguang Huaneng, and Hailu Heavy Industry, have reported boiler business revenues exceeding 1 billion yuan [8] - Hailu Heavy Industry achieved the highest gross margin of 26.03% for its waste heat boilers and related products in 2024 [8] Financing Activity - The financing activity in the boiler manufacturing industry has shown a declining trend, with a total of 61 financing events occurring from 2014 to 2025 [9] - The financing activity significantly decreased after 2018, with no financing events reported in 2021 [9] - In 2024, there were 5 financing events disclosed, amounting to approximately 1.15 billion yuan, while 3 financing events occurred in 2025, totaling around 250 million yuan [9] Investment Focus - The financing rounds in the boiler manufacturing sector are primarily concentrated on strategic investments and post-listing financing, particularly in the New Third Board [10]

Core Viewpoint - The domestic production level of spiral tube heat exchangers is gradually increasing, supported by national policies, and they are widely used in the petrochemical, coal chemical, and new energy sectors. The market for spiral tube heat exchangers is expected to grow significantly, with a projected compound annual growth rate of 21.9% from 2019 to 2025, reaching approximately 3.35 billion yuan by 2025 [1][7]. Industry Overview - Spiral tube heat exchangers are designed with a unique structure that allows for efficient heat transfer, making them superior to traditional shell-and-tube heat exchangers. They can accommodate various media and are suitable for high-temperature and high-pressure applications [3][4]. Industry Development Stages - The spiral tube heat exchanger industry has evolved through four main stages: technology introduction, domestic breakthroughs, large-scale application expansion, and intelligent green upgrades. The industry has transitioned from relying on imported technology to achieving significant domestic innovations [4][5]. Industry Chain - The industry chain consists of upstream raw materials (steel, rubber, graphite, plastics, coatings), midstream manufacturing of spiral tube heat exchangers, and downstream applications in sectors such as petrochemicals, coal chemicals, fine chemicals, new energy, and centralized heating [5][6]. Market Demand and Growth - The demand for spiral tube heat exchangers is increasing in the petrochemical sector due to the ongoing upgrades of refining projects driven by green and intelligent requirements. In the coal chemical sector, tightening energy-saving and emission reduction policies are creating opportunities for deeper applications of these heat exchangers [1][8]. Competitive Landscape - The market for spiral tube heat exchangers is relatively concentrated due to the high technical requirements for research, design, and manufacturing. Key players include Sichuan Chuanrun Co., Ltd., Zhenhai Petrochemical Construction Engineering Co., Ltd., and others [6][9]. Future Trends - The industry is expected to benefit from increased national policy support for high-end equipment manufacturing, accelerated technological advancements, and a shift towards high-pressure applications. The development of spiral tube heat exchangers is anticipated to continue expanding into new fields and applications [12][13][14].

Core Viewpoint - The company, Chuanrun Co., Ltd. (002272.SZ), is expected to incur a loss of 19 million to 27 million yuan in 2025, with a non-recurring loss projected between 37 million to 45 million yuan [1] Group 1: Business Performance and Strategic Initiatives - The company's main business and strategic new business are driving performance improvement [1] - The renewable energy business is experiencing rapid growth due to the global and domestic energy structure transformation, leveraging its leading technology and service capabilities in hydraulic, lubrication, and temperature control fields, as well as its advantageous position in the wind power market [1] - The strategic liquid cooling business has made breakthroughs, with significant revenue growth during the reporting period, driven by the ongoing global AI computing power and related energy infrastructure development [1] - The overall gross profit margin of the main business has steadily increased due to continuous improvements in technology, processes, and material innovation, optimizing product performance and reliability [1] Group 2: Asset Quality Improvement - The company has optimized asset quality by enhancing the refined management of accounts receivable and inventory, resulting in a significant year-on-year decrease in asset impairment losses, further aiding profit recovery [1]

经济观察网2026年1月23日，川润股份（002272）发布2025年度业绩预告，预计2025年净利润亏损1900 万元至2700万元，同比增长76.66%至83.58%；扣除非经常性损益后的净利润亏损3700万元至4500万 元，同比增长64.08%至70.47%。 ...

Core Viewpoint - The company, Chuanrun Co., Ltd., anticipates a significant decline in net profit for the year 2025, projecting a loss between 19 million to 27 million yuan, which represents a year-on-year decrease of 76.66% to 83.58% [1] Group 1: Financial Performance - The expected net profit attributable to shareholders for 2025 is projected to be a loss of 37 million to 45 million yuan when excluding non-recurring gains and losses, reflecting a year-on-year reduction of 64.08% to 70.47% [1] - The company attributes the anticipated improvement in performance to business growth and asset quality optimization [1] Group 2: Business Growth Drivers - The company's renewable energy business is experiencing rapid growth, driven by the global and domestic energy structure transformation, leveraging its leading technology and service capabilities in hydraulic, lubrication, and temperature control sectors [1] - The strategic liquid cooling business has seen significant sales growth during the reporting period, supported by the ongoing development of AI computing power and related energy infrastructure [1] - The overall gross profit margin of the main business has steadily improved due to continuous enhancements in technology, processes, and material innovation [1] Group 3: Asset Quality Optimization - The company has improved asset quality by enhancing the management of accounts receivable and inventory, resulting in a substantial decrease in asset impairment losses year-on-year, further aiding in profit recovery [1]

证券代码：002272 证券简称：川润股份 公告编号：2026-002 号 2、业绩预告情况：预计净利润为负值 | 项目 | 本报告期 | | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 亏损：1,900.00 万元 – | 2,700.00 | 万元 | 亏损：11,568.96 万元 | | | 比上年同期上升：76.66% | | – 83.58% | | | 扣除非经常性损 益后的净利润 | 亏损：3,700.00 万元 – | 4,500.00 | 万元 | 亏损：12,528.96 万元 | | | 比上年同期上升：64.08% | | –70.47% | | | 基本每股收益 | 亏损：0.0392 元/股 –0.0557 | | 元/股 | 亏损：0.2428 元/股 | 注：本格式中的"元"均指人民币元。 二、与会计师事务所沟通情况 四川川润股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2 ...

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]